Swiss National Bank Has $77.16 Million Position in Corning Incorporated (NYSE:GLW)

Swiss National Bank reduced its stake in Corning Incorporated (NYSE:GLW) by 2.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,533,900 shares of the electronics maker’s stock after selling 63,800 shares during the quarter. Swiss National Bank owned approximately 0.30% of Corning worth $77,157,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Peoples Bank KS bought a new position in Corning in the 3rd quarter worth approximately $25,000. OFI Invest Asset Management bought a new position in Corning in the 3rd quarter worth approximately $25,000. SRS Capital Advisors Inc. increased its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new position in Corning in the 4th quarter worth approximately $31,000. Finally, Emfo LLC bought a new position in Corning in the 4th quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on GLW shares. JPMorgan Chase & Co. lifted their price target on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research report on Thursday, February 1st. Finally, Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $34.89.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,988 shares of company stock worth $3,984,964. 0.40% of the stock is owned by corporate insiders.

Corning Stock Performance

Shares of NYSE:GLW opened at $33.72 on Friday. The business’s fifty day moving average price is $32.36 and its two-hundred day moving average price is $30.61. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The stock has a market capitalization of $28.84 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The business’s revenue was down 11.5% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Friday, May 31st. Corning’s payout ratio is presently 157.75%.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.